Do I have any rights over a life insurance policy taken out by my mother when I was an adult?

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Do I have any rights over a life insurance policy taken out by my mother when I was an adult?

My mother took out a life insurance policy on me when I was 18 (in PA). I had to sign the application. Now that I’m older and have developed a chronic illness. I am excluded from applying for life insurance. Do I have any rights to change the beneficiary from my mother to my husband or any rights to take over the policy?

Asked on May 4, 2011 under Insurance Law, Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am so sorry for your situation.  May I ask: is your Mother the owner of the life insurance policy as well as the beneficiary?  What paper did you sign?  Do you recall?  You need to find out all of this information.  Only the owner of the policy has the ability to transfer ownership to another party.  If your Mother wishes to transfer ownership then you can name whomever you would like as the beneficiary.  But if she is the owner of the policy  - and it is legal to have a policy on the life of your child or children; it is known as an insurable interest - then you can not do anything as to naming a new beneficiary.  Get the information (especially what you signed) and then ask someone what your options are.  Good luck.


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